Agios raises $88 million in follow-on
Agios Pharmaceuticals Inc. (NASDAQ:AGIO) raised $88 million through the sale of 2 million shares at $44 in a follow-on underwritten by JPMorgan; Goldman Sachs; Cowen; and Leerink. Agios filed to raise up to $75 million in the offering on April 9, when its share price was $48.42. On Monday, the company amended the offering and said it planned to sell 2 million shares.
Agios' two most advanced programs are AG-221, an inhibitor of mutated isocitrate dehydrogenase 2 (IDH2), and AG-120, an inhibitor of mutated IDH1. Both are in Phase I testing. Celgene Corp. (NASDAQ:CELG) has the exclusive option to license worldwide rights to AG-221 and ex-U.S. rights to AG-120 at the end of Phase I testing. Earlier this month, Agios also started Phase I testing of AG-348 to treat pyruvate kinase deficiency, a rare form of hereditary hemolytic anemia. AG-348 is an oral small molecule activator of pyruvate kinase R. ...